Capco Says Lillie Square Development Hit by Brexit Uncertainties

Flats unsold before referendum and value of Earls Court area slashed

Capco, the property developer behind the £12 billion redevelopment of Earl’s Court has admitted to being hit by uncertainties over Brexit in the run-up to the referendum.

The company, full name Capital & Counties, said there had been no sales at all at its Lillie Square development in Fulham's Seagrave Road, the first part of its Earls Court plans along with the demolition of Earls Court Exhibition Centre, in the weeks before June 23.

Chief executive Ian Hawksworth said "people were not really making capital decisions" during these weeks.

Reflecting what it described as "weakened sentiment" in the London property market, Capco cut 14.3 per cent, or £162 million, off the valuation of its 77 acre holdings in Earl’s Court, leaving it at £1.195 billion.

The shares have tumbled by around 40% over the past year amid fears of a collapse in the luxury new homes market, down from highs of over 450p to around 290p.

The write-down left Capital & Counties nursing a £109 million pre-tax loss in the first half of the year.

However, Mr Hawksworth added that four apartments at Lillie Square had been snapped up at an average cost of £1.1 million immediately after the Brexit vote.

Phase one of Lillie Square, which is due to be completed this summer, is almost sold out, with "just a few penthouses" remaining for sale and Capco says sales of phase 2 are continuing.

Estate agent Savills is currently selling one bedroom apartments in the development from £785,000 and two bedrooms from £1,250,000.

July 29, 2016


Related links

Related links


Lillie Square development

Lillie Square

Earls Court Area Action Group

Sales of Apartments in Earls Court Already Worth £300 Million

Action Group Celebrates Temporary Reprieve for Lillie Road Homes and Parade

Property for sale in Lillie Square

Prince of Wales

Save Earls Court Petition

Olympia London

Department for Communities and Local Government

H&F Council Leader Admits "Too Late" to Save exhibition Centres

West Ken Residents Vote to Investigate Community Takeover

Earls Court Developer CapCo Says "Re-imagination" is Moving Closer

Planning Applications Committee Agenda for April 3

Earls Court Area Action Group Hold House of Commons Press Conference

Earls Court Developer Buys Empress State Building

Earls Court "Community Benefits" Plan Agreed

Legal Challenge to Earls Court Plans Dismissed

Eric Pickles Will Not "Call In" Earls Court Plans

Capco and TfL Agree to Earls Court Venture

Transport for London Announcement

Boris Johnson's announcement

Earls Court Developer Shows Off Future Plans

Fury over Mayor's Green Light for Earls Court Redevelopment

Green Light for Controversial Earls Court Redevelopment

"The Future of Earls Court is in Boris Johnson's Hands"

MP Andy Slaughter's Submission to the Mayor

Earls Court Developer Buys Empress State Building

Legal Challenge to Earls Court Plan Dismissed

Govt Consents to Transfer of West Kensington Estates

Residents' Letter to Eric Pickles

West Ken Residents Suffer Double Setback

West Ken Residents Granted Judicial Review

Mayor Under Pressure to Reject Earls Court Plan

Council Grants Outline Planning Permission for Earls Court Scheme

Residents' Deputation Statement